IDBI Bank opens first overseas branch in Dubai

June 07, 2010 03:36 pm | Updated 03:36 pm IST - Mumbai

IDBI bank in Mumbai. File photo: Shashi Ashiwal

IDBI bank in Mumbai. File photo: Shashi Ashiwal

IDBI Bank has opened its first overseas branch at the Dubai International Financial Centre (DIFC), which will provide corporate banking services, including financial advisory and syndication of credit.

The branch was inaugurated by Union Minister of State for Finance Namo Narain Meena in the presence of IDBI Bank’s Deputy Managing Director B.P. Singh and other dignitaries, a press release issued here said.

The endeavour is to meet the corporate financing needs of not only its vast Indian clientele but also clients in the Middle East.

Through its DIFC branch, IDBI Bank aims to foster trade and cross-border capital flows between India and the Middle East region, the release added.

IDBI Bank’s DMD Mr. Singh said, “Our branch at the DIFC seeks to integrate the business interest of the Indian and UAE business communities. Dubai and DIFC provide us with the ideal strategic base to launch our international operations because of its conducive business environment, supportive regulatory framework and excellent infrastructure.”

The DIFC branch would also serve as IDBI Bank’s nodal point for raising foreign currency resources from the U.S. and European markets in addition to the Asian markets, he said.

IDBI is one of the India’s leading project and infrastructure finance provider. It is the second largest syndicator of loans in India and fourth largest in the Asia-Pacific region.

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